Compare fees and exchange rates to get the best deal on your next money transfer to Cyprus.
The Mediterranean island of Cyprus is famous for its spectacular beaches and the rugged beauty of its interior. With its natural scenery, relaxed lifestyle and thousands of years of fascinating history.
If you ever have a reason to send money to Cyprus from Australia, in the modern digital age there are plenty of transfer options to choose from. You just need to compare those options to see which one offers the most affordable deal for you.
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Banks versus money transfer companies
Did you know that banks offer their customers a raw deal on international money transfers? If you didn’t, you’re not the only one. Most people are oblivious to the fact that banks offer poor exchange rates and charge substantially high fees on international transfers, and they simply send the funds via their bank without shopping around for a better deal.
But in recent years, the transfer industry has seen the emergence of a number of specialist transfer providers. These companies, such as OFX and CurrencyFair, usually provide exchange rates that are much better than those from the banks. They also have lower transfer fees to make the transaction more affordable, so you can end up saving a whole lot of money if you take the time to research the choices available.
Nick Sends Money to Cyprus
Nick is on holiday in Australia for six weeks when he gets a call from his sister in Cyprus. Her car has broken down and she needs urgent money to pay for repairs, so she asks Nick to send her $1,000 as soon as possible. Nick compares the cost and features between his bank and an specialist transfer service.
As you can see, using a transfer service lets the recipient receive €50.24 more.
|Australian big four bank||Money transfer company 2|
|Exchange rate||1 AUD = 0.6061 EUR||1 AUD = 0.643 EUR|
|Transfer method||Online, phone or bank||Online transfer|
|Processing time||1-3 working days||1-3 working days|
|Amount received (in EUR)||€592.76||€643|
How do I compare transfer companies when transferring and receiving money via Cyprus?
- Exchange rates. How do the exchange rates offered by the company compare to the rates you can get elsewhere? Do they come with substantial fees attached?
- Transfer fees. How much will you need to pay per transaction to get your funds where they need to go? Can you avoid paying fees by sending a large amount of funds?
- Transfer methods. Can you place transfers online or over the phone? Does the provider have branches you can visit or an easy-to-use transfer app?
- Flexible options. Some companies offer flexible options like forward contracts or limit orders to help you lock in a better exchange rate, while the convenience of scheduling payments in advance is often also available.
- Turnaround time. Transfer processing times can vary from a few minutes to multiple business days.
- Transfer limits. If a company imposes minimum and maximum limits on each transfer, check to see whether these limits will affect your regular transfer needs.
- Pickup options. Will the funds be sent straight into your recipient’s bank account or will they be able to collect cash from a transfer branch?
- Customer service. Check to see whether the company offers customer support and through which mediums, for example phone, email and live chat. During which hours can you access customer support?
How do I send money to Cyprus from Australia?
- Specialist transfer companies. Companies such as WorldFirst and OFX offer secure and affordable transfers to Cyprus.
- Cash pickup transfer providers. MoneyGram and Western Union both offer this convenient service.
- Bank transfers. Check out the exchange rates and fees your bank offers to see whether they provide an affordable deal.
- International guaranteed cheques. This old-school transfer method is safe but can also be slow and unnecessarily costly.
How do I receive money from Cyprus in Australia?
- Specialist transfer companies. Do your research to find out which companies will let you send money to Australia from Cyprus.
- Cash pickup transfer providers. Do an online search to find your nearest transfer company branch.
- Bank transfers. The next option is to receive a transfer into your Australian bank account directly from a Cypriot bank account.
- International guaranteed cheques. Check with your bank to find out how much it costs to cash an international cheque.
Emergency cash transfers in Cyprus
There are plenty of situations where you may find that you need to send an urgent transfer - for example to help out a holidaying relative who has had their wallet stolen - and there are plenty of providers that can help you do so. Before you send an emergency transfer, however, make sure you’re aware that rapid transfers cost more thanks to high exchange rates and low fees. It’s therefore essential to review all the details of a transaction before you agree to go through with it.Back to top
Cash pickup locations in Cyprus / Western Union / MoneyGram branches in Cyprus
If you want to send a fast cash transfer from Australia to Cyprus, Western Union and MoneyGram are two companies that can handle the transaction for you. Both offer the use of extensive worldwide transfer networks and transaction processing times of as little as a few minutes. The details of some popular Western Union and MoneyGram locations in Cyprus are listed below, but make sure you’ve got photo ID and the transaction details handy if you’re going to pick up cash.
- Hyperounta Co-op
Spilia Nicosia, +357-22-710400
Open 8am to 5:30pm Monday to Friday, 8am to 1pm Saturday
- SPE Periferiakis Mahaira
Sia Nicosia, +357-22-710400
Open 8am to 5pm Monday and Friday, 8am to 12:45pm Tuesday to Thursday, 8am to 12pm Saturday
- Agiosathanasios Co Op
Agios Athanasios Limassol, +357-22-710400
Open 8am to 1pm Monday to Friday
- Alpha Bank
J. Kennedy And G. Xenopoulou Limassol, 3106 +357-2-710400
Open 8:30am to 12:30pm Monday to Friday
- Filoxenia Travel
13 Grigori Afxentiou
Open 9am to 7pm Monday to Friday
- Cyprus Post
59 Grigori Afxentiou
Open 7:30am to 2pm Monday, Tuesday, Thursday and Friday; open 7:30am to 5:30pm Wednesday
- Cyprus Post
137 Agias Fylaxeos
Open 7:30am to 1:30pm
- Cyprus Post
41 Agios Sylas
Open 7:30am to 3pm Monday to Friday
Tips for picking up cash in Cyprus
Whether you’re picking up cash in Cyprus or anywhere else in the world, it’s important that you keep your wits about you and take some basic steps to improve your safety. Picking up cash with a friend in tow is much better than going alone, while you should also make sure to avoid any high-crime areas of cities or any particular areas where you do not feel safe. Instead of carrying cash around with you for an extended period of time, deposit it in your bank account as soon as you can.Back to top
What are the steps to send money to Cyprus?
- Sign up for an account. This can usually be done online and is free in most cases. You will need to supply your full name, your contact details and a valid form of photo ID.
- Enter your transaction information. You’ll need to provide your recipient’s contact details as well as how much money you’re sending and in what currency.
- Review your quote and submit. You will then be given a money transfer quote that details the exchange rate and fees that apply to your transaction. If you’re happy with the cost, pay for your transfer. You can often track the progress of your funds online through the provider’s website.